Expo City, Dubai – Today, at the COP 28 summit, Prime Minister of The Bahamas underscored the urgent need for global cooperation in the face of a worsening climate crisis. With the world fast approaching the critical 1.5 degrees Celsius threshold, the Prime Minister emphasized that the window for effective action is narrowing, but not yet closed.
Representing Small Island Developing States (SIDS), the Prime Minister highlighted the disproportionate impact of climate change on nations like The Bahamas, which have contributed minimally to global carbon emissions yet face significant existential threats. He cited the recent establishment of the Loss and Damage fund as a positive outcome of Caribbean advocacy, aiding recovery from the devastation already experienced.
“The Bahamas is at the forefront of advocating for greater access to financing for protecting our shorelines, building climate-resilient infrastructure, and investing in a renewable and sustainable future,” the Prime Minister stated. He also emphasized the importance of socially responsible investments, regenerative financing, and ESG finance in this new era, with the Caribbean poised to lead the charge.
In a move to combat the economic and fiscal health challenges posed by climate change, The Bahamas has committed to substantial investments. The Prime Minister lauded the Green Climate Fund’s support for developing climate-resilient pathways and celebrated the approval of the application for preparation funds for the Blue Co Caribbean Umbrella Coordination Programme. This project is set to lay the groundwork for strategic investments in the Caribbean, focusing on strengthening blue economy frameworks and developing scalable, data-backed projects.
“The Blue Co Caribbean project is not just a regional initiative; it’s a model for the world on how to fund a climate-resilient future,” said the Prime Minister. He emphasized The Bahamas’ role as a leader in researching and developing blue carbon credits as a viable revenue source.
Highlighting the Bahamas Sustainable Investment Programme, which aims to generate up to $500 million for climate-related investments, the Prime Minister affirmed the nation’s dedication to creating innovative solutions to the climate crisis. He invited all interested parties to collaborate in this endeavor, stating, “Together, we will save lives and livelihoods while building a more resilient, renewable, and prosperous future for all nations.”
